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Different Economic Systems

A system is a network of parts that interlock to form an overall pattern. Examples include the nervous system of the human body, the solar system, the transport system of a country and its political system. An economic system is a pattern of organisation which is aimed at solving the three central economic questions. Economic systems do not always work well, but they are often so vast and complicated that it is quite marvelous that they work at all.

_{Source: Adapted from Mohr, P. 2015. Economics for South African students. 5th edition. Pretoria: Van Schaik.}

Write a report about the four main types of economic systems: the traditional system, the command system, the market system and the mixed economic system.

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Report An Overview of the Four Main Types of Economic Systems Introduction An economic system is a complex arrangement of various elements that work together to address the fundamental economic questi... View the full answer